Funding for Generative AI projects hits new high in 2024, raising $56 billion

On January 5th, according to financial tracker PitchBook's data compiled for TechCrunch, generative artificial intelligence companies raised $56 billion from venture capital in 2024, involving 885 transactions. This cash total sets a new record in the field. Compared to 2023, it has increased by 192%, when investors put $29.1 billion into 691 transactions in generative AI startups.

Among them, the transaction value in the fourth quarter of 2024 soared to $31.1 billion, mainly due to the completion of some large financing deals, such as Databricks' $10 billion Series J financing, xAI's $6 billion Series C financing, Anthropic's $4 billion strategic investment from Amazon, and OpenAI's $6.6 billion financing.